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EU Referendum Crisis – The Pragmatic Guide for Small Businesses

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EU Referendum Crisis – The Pragmatic Guide for Small Businesses

So now we’ve had the EU referendum result, where does it leave smaller businesses in these uncertain times?

Many will assume it’s best for companies to hold back on investment and wait until the landscape becomes clearer before embarking on new investments.  Look after the pennies and the pounds will look after themselves, right?

There are three key points of consideration:

  1. Diversifying revenue streams

  2. Timing your investments

  3. Business Competition

Mark Carney - Bank of England

Mark Carney – Bank of England

While economic top brass offers advice and reassurances to investors and big business, Clockwork Creatives is here to do the same for the rest of us who are left running small – medium size businesses.

Revenue Streams

Where else could you sell your products?  For example, at Clockwork Creatives we are devising our strategy to create an additional online presence devoted to recruiting US clients.  This will provide a new revenue stream in addition to our UK presence, securing the jobs our organisation has created.  Where can you obtain new revenue streams?

Timing

Waiting for certainty works only if waiting is profitable.  For most, these uncertain times require urgent action, not stagnation.  It’s always better to have twenty revenue streams worth £1k each than one revenue stream worth £20k.  If you’re reliant on only a few revenue streams, diversify.

Competition

Because many companies will be reducing investment, there will be less competition facing those who can quickly plot a clear way forward.   Not only will companies that move swiftly and decisively be more stable by diversifying revenue streams but will also be in a prime position to grow their market share when the recession ends.

Conclusion

  • Look to brighter landscapes; digital marketing gives you global reach so think outside the box
  • Act now to secure additional revenue streams; invest in the right marketing channels that will be effective in reaching new and wider audiences
  • Adapt & Maintain your marketing investment; you can gain market share during recession by out-marketing the competition, which will pay dividends later.

The Small Business Programme is here to help and guide you through Brexit and beyond.

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